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An industry has a demand of Qd = 150 -15P and a supply curve of Qs = 10P -25.

(a) What is the equilibrium price and quantity? Recall what is the condition for equilibrium.

(b) Suppose demand increases to Qd = 200-15P. What is the equilibrium price and quantity? This is the new demand equation and the supply has still not changed.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M939890

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